Common use of Termination in the Event of Death Clause in Contracts

Termination in the Event of Death. In the event of the Executive's death during the Term, his employment hereunder shall be deemed to have terminated for all purposes of this Agreement on his date of death and neither his designated beneficiary nor his estate shall be entitled to any of the compensation or benefits provided for herein, other than the Executive's Base Salary, and any unpaid Bonus earned by the Executive, through his date of death (it being understood that his designated beneficiary or estate, as the case may be, shall be entitled to receive the life insurance benefits available under the Company's executive life insurance policies), and to exercise the Unconditional Option to the extent exercisable on his date of death, within one year of his date of death, but not later than the expiration date of such Option.

Termination in the Event of Death. In the event of the Executive's death during the Term, his employment hereunder shall be deemed to have terminated for all purposes of this Agreement on his date of death and neither his designated beneficiary nor his estate shall be entitled to any of the compensation or benefits provided for herein, other than the Executive's Base Salary, and any unpaid Bonus earned by the Executive, through his date of death (it being understood that his designated beneficiary or estate, as the case may be, shall be entitled to receive the life insurance benefits available under the Company's executive life insurance policies), and to exercise the Unconditional Option to the extent exercisable on his date of death, within one (1) year of his date of death, but not later than the expiration date of such Option.